Snowflake Outlook; AT&T Acquisition; Urban Outfitters
On this episode of Stock Movers:
- Snowflake (SNOW) shares are higher after giving a strong outlook for quarterly sales, with product revenue expected to increase about 25% to as much as $1.04 billion in the quarter ending in July. The company raised its full-year forecast for product revenue to about $4.33 billion, despite an uncertain economic environment, and its shares gained 9.9% in premarket trading.
- Urban Outfitters (URBN) jumped after the apparel retailer reported net sales for the first quarter that beat the average analyst estimate. Analysts note strength in its namesake UO brand and are positive about the retailer’s margin expansion. Analysts note strength in its namesake UO brand and are positive about the retailer’s margin expansion.
- AT&T (T) shares are on the move this morning on news it agreed to buy the consumer fiber operations of Lumen Technologies Inc. for $5.75 billion, expanding its fast broadband service in major cities. The deal is subject to regulatory approval and is expected to close in the first half of next year, helping AT&T reach its goal of putting its fiber-optic lines within reach of 60 million locations by 2030.
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